As you may find in my previous post, Group Bernards Tapie, which is a French investment group, is in process of taking over Full Tilt Poker. The GBT has already signed an agreement with Department of Justice (DOJ) to purchase the company for $80,000,000. However it has been found out that GBT discovered some complicated financial issues in Full Tilt. They point that the financial situation in Full Tilt is much worse than they have expected. The reason being is the fact that many well-known professional poker players from Full Tilt Poker still owe the company huge amount of money. Most of them decided not to point this out before the deal has been made. Because of those issues, Full Tilt Poker reopening is at serious risk
The lawyer of GBT Behn Dayanim points:
“GBT doesn’t want to acquire assets which will need to be litigated over later. In total, the sum owed to the company is between $10 and $20 million. Several of the players who owe money and have not yet expressed a willingness to pay their debts include Phil Ivey, Layne Flack, David Benyamine, and Erick Lindgren. Barry Greenstein, Mike Matusow, and others owe a smaller but still significant amount.If the money doesn’t come in, it creates a serious obstacle to completion of the deal. This isn’t the only issue with the takeover, and the deal won’t end on any one issue – but this is a substantial item.”
News Source: pokerstrategy.com
Before this event, some professional poker players from Full Tilt Poker argued that they would only pay their debts if the money goes right in the players pocket, they didn’t want to pay the debt to GBT. This is getting more complicated, hopefully Full Tilt Poker reopening will not take long time, and players will be able to get their money back.
In the meantime you can take a look at some other Online Poker Sites review at gamble.co.uk